Binance Converts Its Billion-Dollar ‘SAFU’ Emergency Fund into USDC
- The company previously held a mix of cryptoassets in the fund
- Shift into USDC will improve fund’s reliability, Binance said
This article is for subscribers only.
The world’s largest crypto exchange Binance has converted the entire pool of assets held in an emergency fund for users into USDC, the stablecoin issued by US firm Circle Internet Financial.
The Secure Asset Fund for Users (SAFU) was established in 2018 to serve a backstop for customers in “extreme situations”, according to the exchange. Binance said in an announcement today it would be “transferring 100% of SAFU’s assets to USDC.”